China's currency stabilises after 3-day slide

Hong Kong

CHINA'S currency, the renminbi, stabilised on Friday, ending a three-day plunge that shook markets globally and caused the renminbi's steepest devaluation in decades.

For the first time since Tuesday, the country's central bank - People's Bank of China (PBOC) - set the official exchange rate of the renminbi higher - although only slightly - against the dollar.

The move meant that, in the past week, China's bank had effectively devalued the renminbi by 4.4 per cent,…